Record Tk 7-cr VAT collected at DITF

UNB News

Publish Date - February 10, 2019, 09:20 PM

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Dhaka, Feb 10 (UNB) – An amount of around Tk 7 crore was collected as value added tax (VAT) at the month-long Dhaka International Trade Fair (DITF), Tk 1 crore more than the target and 2 crore up from last year’s figure.

“Last year, Tk 5 crore was collected as VAT at the fair and our target was to fetch Tk 6 crore this year. But we collected Tk 7 crore this year,” Dr Moinul Khan, commissioner of Customs and VAT (Dhaka West Zone), told UNB on Sunday.

He also said they beefed up surveillance from January 28 with the deployment of three teams. “These teams inspired traders to follow the rules and fined 25 organisations for evading tax,” he said.

“We’ve inspired the businessmen to comply with the VAT law and received a good response from them. We hope the amount will increase further in the next edition,” Moinul Khan added.

A 5 percent business tax was applicable for most of the products at the fair.

As per the law, VAT invoice should be issued during the purchase of any good.

The 24th DITF which began on January 9 instead of the first day of January due to the 11th national election ended on Saturday.

The fair was jointly organised by the Export Promotion Bureau and the Commerce Ministry at its usual venue at Sher-e-Bangla Nagar in Dhaka.